Portman holds savings rates despite base rate cut

Portman Building Society has responded to falling interest rates by guaranteeing not to reduce rates on its Tessa or Individual Savings Accounts &#39Start&#39 products before 1999.

From November, the building society will hold interest rates on investments between £5,000 and £20,000 in its 90-day notice account and increase rates for investments of £20,000 or more by 0.25 per cent to 7.25 per cent.

It will also introduce a one-year fixed-interest bond which pays 6.75 per cent gross for a minimum investment of £500 and reduce its high street instant access account by 0.2 per cent to 5.6 per cent gross.

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